Valuing flood disasters using the life satisfaction approach

• 成果类型: Article
• 署名作者: Luechinger, Simon; Raschky, Paul A.
• 署名单位: University of Zurich; University of Innsbruck
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2008.10.003
• 发表日期: 2009
• 页码: 620-633
• 关键词: Life satisfaction approach; Non-market valuation; Cost-benefit analysis; Subjective well-being; Risk-prevention; Natural hazards; Flood

摘要

This paper argues that life satisfaction data can be used to value natural disasters. We discuss the strengths of this approach, compare it to traditional methods and apply it to estimate and monetize utility losses Caused by floods in 16 European Countries between 1973 and 1998. Using combined cross-section and time-series data, we find a negative impact of floods on life satisfaction that is sizeable, robust and significant. The estimates are comparable to price discounts found in housing markets. In an exploratory analysis, we find that risk transfer mechanisms such as mandatory insurance have large mitigating effects. (c) 2008 Elsevier B.V. All rights reserved.